THE MONEY SHOT: DOWN PAYMENTS AND FINANCING
The money issue, when it comes down to it, is the most important part about buying your new boat. No coin, no boat. With the economy in the stinker, maybe we can get Mr. President to send some stimulus our way, right? Don’t hold your breath.
You’ll find different rate and down payment expectations at various dealers, but expect between a 10 to 20 percent down payment.
Matt Mueller says most banks require 10 percent down and offer a fixed rate for 12 to 15 years. With most boats ranging between $50,000 and $80,000, monthly payments are generally between $500 and $700, depending on the term. Of course, monthly payments can slide up and down that range if the interest rate (APR) changes, so make sure to keep an eye on the numbers. If your interest rate changes, call and ask why. Sometimes you can keep it at your lowest rate just by asking.
Interest rates and the length of the loan will vary based on candidate, security, location and product, so contact your local dealer for exact monthly payments, rates and terms.